OTTAWA, Feb. 23, 2016 /CNW/ - Clearford Water Systems
Inc. ("Clearford" or the "Company"), (TSXV: CLI), a provider of
unified water management and sanitation systems, today announced
that it has entered into an amending agreement (the "Agreement")
with Signina Capital AG ("Signina"), an investment firm specialized
in water-related infrastructure, pursuant to which the previously
announced funding commitment (see January
14, 2015, press release) was renewed for an additional
two-year period.
Under the terms of the Agreement, Signina has undertaken to
arrange for the funding of 100% of the capital costs associated
with the installation of Clearford One™, the Company's
proprietary all-in-one wastewater collection and treatment system,
in municipalities located in the Province of Ontario under the Company's
Pay-for-Performance ("P4P™") delivery model. The
funding will be committed via a Canadian special purpose
corporation formed and capitalized with respect of each municipal
client, subject to and in accordance with the completion of
definitive project agreements.
Since the launch of the P4P™ program in mid-2015,
the Company has developed an active Clearford One™
project pipeline with a total capital value of approximately
$40 million. Additional expressions
of interest indicate demand well in excess of the initial
$100 million funding commitment, in
line with the Company's previously announced projections (see
June 18, 2015, press release). The
additional period of funding availability under the Agreement will
accommodate municipal approval processes.
"We are pleased to report another milestone in the transition of
the Company into growth", said Kevin
Loiselle, President and CEO of Clearford. "Coincident with
the commissioning of Clearford One™ in Fetherston,
Clearford is able to offer municipal clients and developers a
wastewater collection and treatment solution which is not only
cheaper to build and operate, but also bankable from a funding
standpoint. Response to the Company's Clearford One™
and P4P™ offering during the first year of
availability has been outstanding, and we look forward to expanding
the value proposition beyond Ontario."
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About Clearford Water Systems Inc.
Clearford Water
Systems Inc. (TSX-V: CLI) is a provider of unified water management
and sanitation systems based on Clearford One™.
Clearford One™ is a proprietary system comprised of
ClearDigest™ smart digester, ClearConvey™
small bore sewer, and ClearRecover™ final treatment
facility. For additional information about Clearford Water Systems,
please visit www.clearford.com
About Signina Capital AG
Signina Capital AG (Signina)
is a Swiss domiciled investment firm specialized in water-related
infrastructure. Signina is a member of the UN PRI. For additional
information about Signina, please visit www.signinacapital.com
Forward Looking Statements
This news release contains
certain statements that constitute forward-looking statements as
they relate to the Company and its management. Forward-looking
statements are not historical facts but represent management's
current expectation of future events, and can be identified by
words such as "believe", "expects", "will", "intends", "plans",
"projects", "anticipates", "estimates", "continues" and similar
expressions. Although management believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions
and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to
differ materially from those in the forward-looking statements. If
and when forward-looking statements are set out in this news
release, Clearford will also set out the material risk factors or
assumptions used to develop the forward-looking statements. Except
as expressly required by applicable securities law, the Company
assumes no obligation to update or revise any forward-looking
statements. The future outcomes that relate to forward-looking
statements may be influenced by many factors, including, but not
limited to: industry cyclicality; the ability to secure third party
agreements; successful integration of Clearford's system with third
party technology; competition; reduction in demand for products;
collection from customers; relationships with suppliers; product
liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth;
effect of market interest rates on price of securities; and
potential dilution.
SOURCE Clearford Water Systems Inc.
